economic crisis
US /ˌiː.kəˈnɑː.mɪk ˈkraɪ.sɪs/
UK /ˌiː.kəˈnɑː.mɪk ˈkraɪ.sɪs/
1.
a situation in which an economy experiences a sudden downturn, characterized by a decline in economic activity, rising unemployment, and financial instability
:
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The country is facing a severe economic crisis.
•
Many businesses closed during the last economic crisis.